European country removes tax on olive oil to tackle skyrocketing prices

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Spain will temporarily eliminate the sales tax on olive oil to help consumers cope with skyrocketing prices, the government said on Tuesday. Spanish Treasury Minister María Jesús Montero said the decision reflects “the importance of olive oil in the Mediterranean diet and a healthy lifestyle.” Greece and Spain have both seen olive oil sales plummet by one-third over the last year, according to industry estimates. open image in gallery Day laborers work at the olive harvest in the southern town of Quesada, a rural community in the heartland of Spain Earlier this year it was revealed One-third of Italians have reduced their consumption of extra virgin olive oil, a mainstay of the Mediterranean diet, due to prices. Consumers reported cutting back consumption of extra virgin olive oil by at least 30% to as much as half as average supermarket prices have risen from 4 euros to 9 euros a bottle, according to a survey by the Piepoli independent research institute.